We provide a unique test of trading behavior under asymmetric information with parallel markets characterized by different degrees of transparency for the same asset. We consider the Treasury bond market and show that the informed dealers simultaneously place bids in the primary market and sell...

[fre] Structure par terme des taux d'intérêt, volatilité et prime de risque : . applications au marché de l'Eurolire . par Francesco Drudi et Roberto Violi . Cet article est consacré au contenu en information de la structure par terme des taux d'intérêt pour le marché de l'Eurolire. À...

This paper studies the optimal debt repayment policy of a government facing a credibility problem: the public is uncertain about whether the outstanding public debt will be repaid in full or in part and requires a risk premium to roll it over. The model determines when it is optimal for the...